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VTG #UKOKUOQ NC HNQTC [ HCWPC UKNXGUVTG HCWPCRTQVGIKFQUGPHTGPVCPWPITCPPÕOGTQ
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Ŗ NCOKPGTÈC[NCGZVTCEEKÎPFGEQODWU KIWCNFCFGUGEQPÎOKECU[UQEKCNGUKPENWKFC EQPRTQRÎUKVQUFGEQOGTEKQFGQTICPKUOQU
VKDNGUHÎUKNGU NCFGUKIWCNFCFFGIÃPGTQ[NQUEQPHNKEVQU [RTQFWEVQUUKNXGUVTGUKPENWKFQGNEQOGTEKQ
Ŗ NQUKPEGPFKQUHQTGUVCNGU [NCIWGTTC FGOCUEQVCU'PVTGNQUCPKOCNGUUKNXGUVTGU
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7+%0 FGHKPG RCTC EWCNSWKGT CEEKÎP FGUVKPCFC C JCEGT OCUEQVCUGUV¶PNQUOCOÈHGTQUCXGURGEGU
VTGUECVGIQTÈCUFGCOGPC\CUGPNCU¶TGCU HTGPVG C NCU COGPC\CU SWG RGUCP UQDTG CPHKDKQU TGRVKNGU
RQT GLGORNQ VQTVWICU
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XGIGVCNIGPGTCNUWHTCCNVGTCEKQPGURQT TGHNGLCFQGPNC'XCNWCEKÎPFGNCTGFWEEKÎP PCUOCVGTKCUFGITCPXCNQTEQOQGNOCTHKN
GLGORNQNCEC\CFGCPKOCNGURCTCGN FGCOGPC\CUWPOÃVQFQUKORNG[RT¶EVKEQ NQUEWGTPQUFGTKPQEGTQPVG[NQUJWGUQUFG
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FG GURGEKGU OCFGTGTCU FG ITCP XCNQT
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Ŗ GN GORQDTGEKOKGPVQ GEQNÎIKEQ IGPG
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ŗ WPCEQPFKEKÎPPQ
GUECNC CVTKDWKDNGU RQT GLGORNQ C NC UQNQPGEGUCTKCUKPQCUKOKUOQUWHKEKGPVGRCTCSWGRQFCOQUCHKTOCTSWGWPUGT
TGOQEKÎP FG NC EWDKGTVC HQTGUVCN CN OCPKHKGUVC KPVGTGUGU [ SWG NC GZRTGUKÎP GNGOGPVCN FG ÃUVQU GU UW FGUGQ FG PQ
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GN ¶TGC RTQVGIKFC Q NC TGCNK\CEKÎP FG
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QRGTCEKQPGUOKPGTCU EQPHÈPFGHGPFKDNGGPTGNCEKÎPEQPNCRTGQEWRCEKÎPSWGFGURKGTVCPGPPQUQVTQU
&QU UQP NQU RTKPEKRCNGU OQVQTGU SWG NQUKPVGTGUGUFGNQUFGO¶U
FGVGTOKPCP GUVCU COGPC\CU GN CWOGPVQ 'PVTGNQUCPKOCNGUCHGEVCFQURQTNCUCEVKXKFCFGUJWOCPCUGPNQUGEQUKUVGOCUVGTTGUVTGU
FGNQUEQPUWOQUFGNCURQDNCEKQPGUTKECU NQU O¶U GUVTGEJCOGPVG GORCTGPVCFQU EQP GN JQODTG ōNCU GURGEKGU CNVCOGPVG UQEKCDNGU
SWG GUVKOWNC NC RTQFWEEKÎP CITÈEQNC G FGCDWPFCPVGOCUCEGTGDTCNVCNGUEQOQNQUDQPQDQUEJKORCPEÃUIQTKNCUQTCPIWVCPGU[
KPFWUVTKCNNCGZVTCEEKÎPFGTGEWTUQU[GN GNGHCPVGUōUQPNQUSWGGZRGTKOGPVCPHQTOCUFGUWHTKOKGPVQH¶EKNOGPVGEQORTGPUKDNGURQT
VWTKUOQ[NCRQDTG\CSWGETGCPGEGUKFCFGU CSWÃN0ÎVGUGSWGNQUDQPQDQU[EJKORCPEÃUEQORCTVGPEQPGNUGTJWOCPQCRTQZKOCFCOGPVG
GPEWCPVQCVKGTTCU[TGEWTUQUGPGURGEKCN GNRQTEKGPVQFGN&0#
GPNQURCÈUGUGPFGUCTTQNNQ 2CTCNQUCPKOCNGUSWGNQRCFGEGPGNUWHTKOKGPVQPQGUWPCEWGUVKÎPſNQUÎſECCDUVTCEVC
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NCGZRCPUKÎPFGOQIT¶HKECGNETGEKOKGPVQ FQUGPEWGPVC'NOQFQGPSWGGUVQFGDCUGTNNGXCFQCECDQGUWPCUWPVQKORQTVCPVGRCTC
GEQPÎOKEQNQUKPVGTECODKQUEQOGTEKCNGU EQPUGTXCEKQPKUVCU[IGUVQTGUHQTGUVCNGU[FGNCXKFCUKNXGUVTG'PWPOWPFQTGURQPUCDNGNC
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FG IQDGTPCP\C EQORTGPFKFC NC EQTTWR EKÎP[QTFGPCEKÎPIGPGTCNFGNCUCEVKXKFCFGUJWOCPCU
EKÎPNCKPUGIWTKFCF FG NC VGPGPEKC FG NC

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FGRTQFWEVQUUKNXGUVTGU
RQTGLGORNQNQU
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DKNKUFGUGTRKGPVGEQOQVÎPKEQ [WPETG
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FG NC EC\C %CFC WPC FG NCU RTKPEKRCNGU
¶TGCU RTQVGIKFCU FG #UKC UWFQTKGPVCN JC
RGTFKFQCNOGPQUWPCGURGEKGFGITCPFGU
VKITG'PVTGNQUCPKOCNGUECRVWTCFQURCTC 1MCRK GP NC 4GRÕDNKEC &GOQET¶VKEC FGN OCOÈHGTQUCECWUCFGNCEC\C[NCOC[QTÈC
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ECKOCPGU EQEQFTKNQU UGTRKGPVGU  [ UGGPEWGPVTCPCEGPVGPCTGUFGMKNÎOGVTQU 0CO  UG ECNEWNC SWG   TGUVCWTCPVGU
CUKOKUOQ GURGEKGU OC[QTGU COGPC\CFCU FGFKUVCPEKCEQPUVKVW[GWPCCOGPC\CRCTC XGPFGPECTPGFGEC\CECFCCÌQGPVCPUÎNQ
EQOQEJKORCPEÃUIQTKNCUDQPQDQULCDC NC UWRGTXKXGPEKC FG RQDNCEKQPGU KPFÈIG WPOGTECFQGP5WNCYGUKUGRVGPVTKQPCNGN
NÈGU[GNGHCPVGU PCU EW[C UWDUKUVGPEKC [ OGFKQU FG XKFC QDLGVKXQFGNCXGPVCFGOCOÈHGTQU
&GTGUWNVCUFGNCFKUOKPWEKÎPHCWPÈUVKEC FGRGPFGPFGWPCEC\CUQUVGPKDNG
2KVOCP UKNXGUVTGUGUNCECTPG[GPGNOGTECFQFG
NQUDQUSWGUVTQRKECNGU[UWDVTQRKECNGURTK  'PHTKECGNEQOGTEKQFGNCECTPG 2TCOWMCFG;CMCTVCCPWCNOGPVGUGXGP
OCTKQU TGOCPGPVGU SWG EQPUVKVW[GP CÕP FG EC\C UG XG HCEKNKVCFQ C OGPWFQ RQT FGPOKNNQPGUFGCXGUXKXCU
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WP J¶DKVCV KFÎPGQ RCTC NQU CPKOCNGU UKN NCU CEVKXKFCFGU FG GZRNQVCEKÎP HQTGUVCN  %WCPFQNCURQDNCEKQPGUFGWPCGURG
XGUVTGUUGGUV¶PXCEKCPFQRQTNQIGPGTCN RWGUVQSWGRQTNQUECOKPQUOCFGTGTQUUG EKGQDLGVKXQFKUOKPW[GPGPWPC\QPCNQU
FGNQUITCPFGUXGTVGDTCFQU
XÃCUGVCODKÃP CEEGFGUKPQDUV¶EWNQUCDQUSWGUUKGORTG OGTECFQU UG CRTQXKUKQPCP GP QVTCU RQT
GN4GEWCFTQGPNCR¶I #UÈFGURQLCFQU O¶UTGOQVQU[RCTCVTCPURQTVCTNCECTPG GLGORNQGPOCOÈHGTQURGSWGÌQU
TQGFQTGU 
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EKQPGUGPNCCDWPFCPEKCTGNCVKXCFGGURGEKGU NCUGORTGUCUOCFGTGTCUXGPEQPHTGEWGPEKC VKPVQUNQSWGECWUCWPEÈTEWNQFGRÃTFKFCU
CPKOCNGUUKPQVCODKÃPWPCOGPQTFKURGT GPNCEC\CFGHCWPCWPCHQTOCITCVWKVCFG ECFCXG\OC[QT
UKÎP FG UGOKNNCU [ WPC CNVGTCEKÎP FG NQU UWOKPKUVTQFGCNKOGPVQURCTCUWUQDTGTQU /¶U CNN¶ FG NQU VTÎRKEQU GP /QPIQNKC
RCVTQPGUFGTGENWVCOKGPVQCTDÎTGQ
9TKIJV NKDGT¶PFQUG CUÈ FG NC TGURQPUCDKNKFCF FG GN EQOGTEKQ FG HCWPC UKNXGUVTG VCODKÃP
GV CN   [ RWGFGP FG GUVG OQFQ GNNCU UWOKPKUVTCTNGU EQOKFC
0CUK GV CN UWRQPGWPCCOGPC\CRCTCNCURQDNCEKQPGU
GUVCT RGTLWFKECPFQ GN HWPEKQPCOKGPVQ FG 2QWNUGPGVCN  FG CPKOCNGU UKNXGUVTGU SWG XKXGP GP NCU
NQUUWOKFGTQUFGECTDQPQFGNQUDQUSWGU .CEC\C[GNEQOGTEKQKPUQUVGPKDNGUFG GUVGRCUVGORNCFCU[VGTTGPQUDQUEQUQU[C
VTQRKECNGUSWGVCPKORQTVCPVGUUQPGPVQFQ HCWPCUKNXGUVTGEQPHKPGUCNKOGPVCTKQU[RCTC SWGCJQTCOKNGUFGOQPIQNGUJCPVGPKFQ
GNOWPFQ
$TQFKG[)KDDU  WUQGPNCOGFKEKPCVTCFKEKQPCNUQPVCODKÃP SWGTGEWTTKTCNCEC\CōGPRCTVKEWNCTRCTC
'N )TWRQ FG 'PNCEG UQDTG NC ECTPG FG ITCXGUOQVKXQUFGRTGQEWRCEKÎPGP#UKC CDCUVGEGTGNCORNKQOGTECFQEJKPQōEQOQ
EC\C FGN %QPXGPKQ UQDTG NC &KXGTUKFCF
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OCNGUUKNXGUVTGUEQOQNCEQUGEJCFGHCWPC .CKPFWUVTKCRTKXCFCGNEQOGTEKQFGECTPGFGEC\C
GPNQUDQUSWGUVTQRKECNGU[PQVTQRKECNGU UKNXGUVTG[NCUECODKCPVGURCWVCUFGUWDUKUVGPEKC
EQPHKPGUCNKOGPVCTKQU[PQCNKOGPVCTKQU NQECNWPGLGORNQFGN'EWCFQT
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NQECNKFCFEGTECPCCNRCTSWGPCEKQPCN;CUWPKGP'EWCFQTNCXGPVCFGMIFGECTPGFG
UGEQPUWOGPOKNNQPGUFGOCOÈHGTQU
CPKOCNGUUKNXGUVTGU
RTKPEKRCNOGPVGIWCPVCURGECTÈGUNCDKCFQURGECTÈGUFGEQNNCT[OQPQU
HQTGUVCNGU ōJCUVC  OKNNQPGU FG VQPGNC
NCPWFQU 'NOGTECFQJCDÈCUKFQKPUVCNCFQGPNCURTQZKOKFCFGUFGWPCECTTGVGTCEQPUVTWKFC
FCUFGECTPGFGEC\CRTGRCTCFC
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RCTCHCEKNKVCTNCGZVTCEEKÎPFGRGVTÎNGQGPGNRCTSWGPCEKQPCNNQSWGQHTGEÈCCNQUKPFÈIGPCU
[ /GGWYKI   'P NC KUNC FG $KQMQ
NQECNGUYCQTCPK[MKEJYCNCQRQTVWPKFCFFGXGPFGTUWURTQFWEVQUCEQOGTEKCPVGU%QOQNC

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GORTGUCRGVTQNGTCUWOKPKUVTCDCVTCPURQTVGITCVWKVQFGPVTQFGNRCTSWGNCUCEVKXKFCFGUFG
RQDNCEKÎPFGRTKOCVGUGPWPRQTEKGPVQ
EC\CUGXGÈCPKPFKTGEVCOGPVGHCEKNKVCFCU.QURTGEKQUFGNCECTPGFGEC\CJCDÈCPCNECP\CFQ
GPCNIWPCU\QPCU[JCECWUCFQUWGZVKPEKÎP
EKHTCUJCUVCFQUXGEGUO¶UCNVCUSWGNCUFGNCECTPGFGCPKOCNGUFQOÃUVKEQU%CUKGNRQT
NQECNGPQVTCU
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EKGPVQFGNCECTPGFGEC\CSWGGTCGPVTGICFCGPGNOGTECFQGTCEQORTCFCRCTCUWTGXGPVCC
#WPGPNCU¶TGCUTGOQVCU[RTQVGIKFCU
TGUVCWTCPVGUGP6GPCWPRWGDNQFGFKOGPUKQPGUOGFKCUSWGFKUVCMO
5W¶TG\GVCN 
EQOQ NC TGUGTXC FG NC XKFC UKNXGUVTG FG

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UWCNECPEGGPNCGTCRQUVUQXKÃVKEC
$CPEQ EQORTGPFGWPCITCPXCTKGFCFFGGURGEKGU IGPGTCN NQU GNGOGPVQU FG OCPGLQ FG NQU
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FGCPKOCNGUUKNXGUVTGUHQTGUVCNGUCÕPGUV¶ #WPSWGNCUFKOGPUKQPGUGZCEVCUFGGUVGVKRQ VGPKDNG NG[GU GHKECEGU [ FKURQUKVKXQU FG
IGPGTCNOGPVGFGPVTQFGNQUNÈOKVGUFGNC FGEQOGTEKQUQPFGUEQPQEKFCUUGGPVKGPFG CRNKECEKÎPGHGEVKXQU
XÃCUGGNCTVÈEWNQFG
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